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Analyzing The Competition

Published on: December 7 2022 by Nick Peroni

Analyzing The Competition

Analyzing The Competition

startTime durationTime text
00:00:00 00:00:05 all right everyone now on this lesson
00:00:02 00:00:06 we're going to get into analyzing the
00:00:05 00:00:09 competition all right so we're working
00:00:06 00:00:11 our way down through a progression as
00:00:09 00:00:14 I've been saying where we went from the
00:00:11 00:00:16 market research to identifying a niche
00:00:14 00:00:18 to validating that niche and now that we
00:00:16 00:00:20 know what niche were in we want to
00:00:18 00:00:23 actually start analyzing our competitors
00:00:20 00:00:26 so that we can get good market insights
00:00:23 00:00:28 on what we want to be doing all right
00:00:26 00:00:30 and I just want to make a note here as
00:00:28 00:00:32 well that I understand everybody goes
00:00:30 00:00:34 through training differently so you may
00:00:32 00:00:36 be the type of person that wants to go
00:00:34 00:00:38 through everything wants to kind of get
00:00:36 00:00:41 the high level with you and then go back
00:00:38 00:00:44 and do it but this is actually meant to
00:00:41 00:00:47 be like step by step foundational stuff
00:00:44 00:00:50 to to actually walk you through
00:00:47 00:00:53 real-world process that works every time
00:00:50 00:00:55 to you know start a successful start a
00:00:53 00:00:58 successful e-commerce business right so
00:00:55 00:01:01 what you should be doing at some point
00:00:58 00:01:03 when you are actually ready to be
00:01:01 00:01:05 starting your store and and be going
00:01:03 00:01:07 through and taking action is at this
00:01:05 00:01:09 point you should have a niche right you
00:01:07 00:01:10 should know what market you're in you
00:01:09 00:01:12 should know what niche you're and you
00:01:10 00:01:14 should have identified some of your
00:01:12 00:01:15 competitors already and validated your
00:01:14 00:01:17 niche and catwalk we're gonna tok about
00:01:15 00:01:19 it in my competitors here but the
00:01:17 00:01:21 validated your niche and like actually
00:01:19 00:01:23 have done the work up until this point
00:01:21 00:01:26 right that's how you're gonna get the
00:01:23 00:01:28 most benefit out of this because now
00:01:26 00:01:29 we're actually you know that's taking
00:01:28 00:01:31 action at every step and at this point
00:01:29 00:01:34 we really start to put some of these
00:01:31 00:01:36 pieces together okay so analyzing the
00:01:34 00:01:43 competition starts with identifying your
00:01:36 00:01:45 competitors and using Google search is
00:01:43 00:01:47 the easiest way right Google searches
00:01:45 00:01:49 your friend it's your best friend as an
00:01:47 00:01:52 entrepreneur that is using Google search
00:01:49 00:01:54 and it's really not very difficult okay
00:01:52 00:01:57 you can yeah I mentioned before that
00:01:54 00:01:58 every Shopify store right and it doesn't
00:01:57 00:02:01 mean that you only have to look at
00:01:58 00:02:02 Shopify stores but that's what I will
00:02:01 00:02:04 get and that's what I suggest you will
00:02:02 00:02:06 get cuz I think you should build a
00:02:04 00:02:07 Shopify store for your business and so
00:02:06 00:02:11 you might as well look at Shopify stores
00:02:07 00:02:14 so you can you can have a Apple to act
00:02:11 00:02:17 comparison right you go to Google and
00:02:14 00:02:20 you type in my Shopify dot-com okay
00:02:17 00:02:23 because every store is hosted on
00:02:20 00:02:24 Shopify's server so they're all every
00:02:23 00:02:27 store and you'll see this when you sign
00:02:24 00:02:30 up with Shopify you get a root domain of
00:02:27 00:02:33 my Shopify calm okay so if you type in
00:02:30 00:02:36 my Shopify calm colon and then enter
00:02:33 00:02:37 your niche keyword to search well Google
00:02:36 00:02:41 is gonna do is it's gonna go basically
00:02:37 00:02:42 look at every Shopify store that's out
00:02:41 00:02:45 there you know for that domain that
00:02:42 00:02:48 you're using my Shopify calm and
00:02:45 00:02:51 identify which ones are using that
00:02:48 00:02:54 keyword so it's a great way very simple
00:02:51 00:02:57 way to be able to go through and get
00:02:54 00:02:59 examples okay so you can see the example
00:02:57 00:03:02 here would be my Shopify comm :
00:02:59 00:03:04 cats right and you search is exactly
00:03:02 00:03:07 like that in your Google search bar and
00:03:04 00:03:10 you'll return all the stores that have
00:03:07 00:03:12 to do with cats now one thing to keep in
00:03:10 00:03:15 mind not every store is going to be a
00:03:12 00:03:16 good store to use as a competitor right
00:03:15 00:03:21 and I'm going to tok about that in a
00:03:16 00:03:24 second how you can identify a store that
00:03:21 00:03:26 is good to use as a model competitor
00:03:24 00:03:28 because you know if this is gonna return
00:03:26 00:03:30 all search results so there could be a
00:03:28 00:03:32 store that has no idea what they're
00:03:30 00:03:33 doing and is a terrible example and
00:03:32 00:03:36 obviously you don't want to use them as
00:03:33 00:03:39 a competitor you want to identify what
00:03:36 00:03:42 our top competitors and the way that
00:03:39 00:03:44 we're really going to make the
00:03:42 00:03:46 differentiation is in the stores that
00:03:44 00:03:47 are getting a lot of traffic okay
00:03:46 00:03:49 because if the store is getting traffic
00:03:47 00:03:50 then they're doing something right
00:03:49 00:03:52 people are visiting that store for a
00:03:50 00:03:55 reason either they're paying for that
00:03:52 00:03:57 traffic in which case they have to
00:03:55 00:03:59 really you know they have to be spending
00:03:57 00:04:00 money and they're only gonna be spending
00:03:59 00:04:01 money if they're getting it returned
00:04:00 00:04:03 profitably right so it means they're
00:04:01 00:04:06 doing something right the stores working
00:04:03 00:04:08 or if they're getting a lot of organic
00:04:06 00:04:12 traffic then that means that they are
00:04:08 00:04:14 they feel a really good site and they're
00:04:12 00:04:17 getting a really positive results and
00:04:14 00:04:18 feedback from their users and so Google
00:04:17 00:04:21 is ranking them higher in the search
00:04:18 00:04:23 engine so I'm gonna show you exactly how
00:04:21 00:04:24 you can identify that once you start to
00:04:23 00:04:27 search around
00:04:24 00:04:29 but first I want to tok about built
00:04:27 00:04:30 with just based on the order that I had
00:04:29 00:04:33 these resources I'm going to give you
00:04:30 00:04:35 I'm gonna give you a few resources of
00:04:33 00:04:37 how you start to analyze your
00:04:35 00:04:39 competitors and we're gonna use inspire
00:04:37 00:04:42 uplift as an example okay I mentioned
00:04:39 00:04:44 this earlier they're a basically a
00:04:42 00:04:47 general dropshipping store that's doing
00:04:44 00:04:49 very well they have a really good store
00:04:47 00:04:51 and really good brand so we're gonna
00:04:49 00:04:53 look at this as our example and I'm
00:04:51 00:04:53 going to be using them for what we go
00:04:53 00:04:56 through here
00:04:53 00:04:59 so the number one tool this is a really
00:04:56 00:05:01 really cool tool called built with calm
00:04:59 00:05:03 where you can look at any website and
00:05:01 00:05:07 basically see what their tiknology
00:05:03 00:05:09 stack is by entering it in built with is
00:05:07 00:05:11 gonna analyze them within a second and
00:05:09 00:05:12 give you all this stuff okay now I don't
00:05:11 00:05:14 really care about any of this stuff I
00:05:12 00:05:17 care about the tiknology profile
00:05:14 00:05:20 because this is how you can see exactly
00:05:17 00:05:22 you know what they're built with right
00:05:20 00:05:24 just like it sounds so the reason that
00:05:22 00:05:28 that's powerful is because as you can
00:05:24 00:05:30 see this now you get an idea of what you
00:05:28 00:05:32 could use right especially as you're
00:05:30 00:05:34 getting started you may have no idea so
00:05:32 00:05:37 these are all like it breaks it down
00:05:34 00:05:40 into sections analytiks and tracking and
00:05:37 00:05:44 then you'll see the widgets and then
00:05:40 00:05:45 you'll see ecommerce so all some of this
00:05:44 00:05:48 stuff is pretty standard it's gonna be
00:05:45 00:05:51 like on any site you know but some of it
00:05:48 00:05:53 is like specific to what they're doing
00:05:51 00:05:56 like reversion it's an affiliate
00:05:53 00:05:57 tracking management platform so if you
00:05:56 00:05:59 want to use affiliates on your site you
00:05:57 00:06:02 don't know that version is a good
00:05:59 00:06:05 program you can go check out shoe laces
00:06:02 00:06:09 automated retargeting option clavo is an
00:06:05 00:06:11 email an email ecommerce platform ok so
00:06:09 00:06:13 there's there's good stuff here that
00:06:11 00:06:15 lets you know and I'm not going to go
00:06:13 00:06:18 through every single one but you can you
00:06:15 00:06:20 can get an idea here right you can see
00:06:18 00:06:21 what they're linking in with what
00:06:20 00:06:23 they're using again some of this stuff
00:06:21 00:06:25 is gonna be pretty standard but when you
00:06:23 00:06:28 come down the e-commerce okay we can see
00:06:25 00:06:30 that they are on Shopify they're using
00:06:28 00:06:33 something called the kajabi theme so you
00:06:30 00:06:36 know the theme we see there on the
00:06:33 00:06:36 Shopify Plus plan so obviously we know
00:06:36 00:06:38 there's
00:06:36 00:06:40 something right because this is a $2,000
00:06:38 00:06:42 a month plan and you're only paying for
00:06:40 00:06:44 that if your store is making probably
00:06:42 00:06:47 you know six figures plus a month which
00:06:44 00:06:50 I happen to know inspire uplift is doing
00:06:47 00:06:51 well over six figures a month but anyway
00:06:50 00:06:53 like if you see a store on the Shopify
00:06:51 00:06:55 Plus plan then they were doing something
00:06:53 00:06:58 right to be able to afford that payment
00:06:55 00:07:00 every month okay they're using Wilkes
00:06:58 00:07:02 this is a review app to use in searching
00:07:00 00:07:04 guys which is a search app for Shopify
00:07:02 00:07:06 but these are all apps that they're
00:07:04 00:07:09 using so you're getting insight into
00:07:06 00:07:11 exactly how they built their store to
00:07:09 00:07:14 function the way it does which is
00:07:11 00:07:17 clearly working for them right so that's
00:07:14 00:07:19 fantastik feedback on you know
00:07:17 00:07:21 understanding what goes into building a
00:07:19 00:07:22 store and then a lot of this stuff down
00:07:21 00:07:24 here is very tiknical even I don't
00:07:22 00:07:26 really you know get into most of this
00:07:24 00:07:30 but you can you really get a good
00:07:26 00:07:32 insight and a look into what that store
00:07:30 00:07:33 is built with so that's that's really
00:07:32 00:07:36 powerful information to have as you're
00:07:33 00:07:39 setting up and building your store okay
00:07:36 00:07:40 now the next one is similar web all
00:07:39 00:07:44 right in similar web is the one that you
00:07:40 00:07:47 can use to identify whether a competitor
00:07:44 00:07:48 is worth following you're not so maybe
00:07:47 00:07:50 these are a little out of order but
00:07:48 00:07:51 similar web I use a lot there's two ways
00:07:50 00:07:53 you can use it one they have their
00:07:51 00:07:59 website where you can just put in the
00:07:53 00:08:01 store that you want to search right okay
00:07:59 00:08:04 and I'll show you some of the basic
00:08:01 00:08:05 information it brings up here or - and
00:08:04 00:08:08 this is just on this free plan they do
00:08:05 00:08:09 have a paid plan but number two is they
00:08:08 00:08:12 have a free extension this is the
00:08:09 00:08:14 similar web extension which allows you
00:08:12 00:08:16 as your browsing to just easily click
00:08:14 00:08:18 this and see if the site is worth paying
00:08:16 00:08:20 attention to and I use this extension
00:08:18 00:08:22 all the time if I'm searching on Google
00:08:20 00:08:26 and looking at competitors the number
00:08:22 00:08:28 one way that I can tell if a website is
00:08:26 00:08:30 worth my time doing further
00:08:28 00:08:33 investigation is how many visitors
00:08:30 00:08:35 they're getting a lot right if a site is
00:08:33 00:08:38 getting two million visitors in a month
00:08:35 00:08:40 they're doing something right okay these
00:08:38 00:08:43 guys are probably doing seven figures
00:08:40 00:08:45 plus in a month if they're getting two
00:08:43 00:08:46 million visitors right and I say that
00:08:45 00:08:48 based on just knowing the e-commerce
00:08:46 00:08:49 industry and then kind of how this works
00:08:48 00:08:50 but you
00:08:49 00:08:52 no matter what it doesn't take a genius
00:08:50 00:08:54 to know that if the site is getting 2
00:08:52 00:08:56 million visitors a month or worth
00:08:54 00:09:00 walking yet and following now what's a
00:08:56 00:09:02 bare minimal number I would say that you
00:09:00 00:09:05 know for modeling competitors I would
00:09:02 00:09:08 say that the minimal number that that
00:09:05 00:09:10 you should really consider as like
00:09:08 00:09:13 something worth looking at is probably
00:09:10 00:09:15 around twenty five thousand right and of
00:09:13 00:09:16 course there are a lot of stores that
00:09:15 00:09:19 are doing much much bigger numbers but
00:09:16 00:09:20 the stores getting twenty five thousand
00:09:19 00:09:23 visitors a month and you're brand new
00:09:20 00:09:25 it's still a good indication of like
00:09:23 00:09:28 something that's working right because
00:09:25 00:09:30 that twenty five thousand visitors is
00:09:28 00:09:32 again it's either organic which means I
00:09:30 00:09:33 mean if you're getting twenty five
00:09:32 00:09:36 thousand visitors a month organically
00:09:33 00:09:39 that's that's fantastik if you are
00:09:36 00:09:40 paying for that $25,000 visitors you got
00:09:39 00:09:42 to think about it like this
00:09:40 00:09:44 even at fifty cents a click right you
00:09:42 00:09:47 know that means that they're spending
00:09:44 00:09:49 you know thirteen thousand dollars a
00:09:47 00:09:51 month in ads right and so somebody's
00:09:49 00:09:53 only gonna be spending thirteen thousand
00:09:51 00:09:56 dollars a month and ads if they're
00:09:53 00:09:58 getting some type of return on that okay
00:09:56 00:10:00 so obviously the higher the better but I
00:09:58 00:10:01 would say you know as a minimum at least
00:10:00 00:10:04 be looking for stories that are doing
00:10:01 00:10:06 twenty five thirty thousand visitors a
00:10:04 00:10:08 month estimated and that's kind of what
00:10:06 00:10:11 I look for right I don't really care
00:10:08 00:10:12 about the global rank or you know
00:10:11 00:10:15 there's some of this other stuff but the
00:10:12 00:10:19 visits is just a quick indication of of
00:10:15 00:10:22 how they're doing okay now it's the same
00:10:19 00:10:23 thing if you look here same thing to
00:10:22 00:10:26 look here right so you can either um go
00:10:23 00:10:28 to similar web and actually well or you
00:10:26 00:10:30 can just be on their website and click
00:10:28 00:10:31 through the extension because it has all
00:10:30 00:10:34 this stuff here and I generally like to
00:10:31 00:10:36 get it here so when you go to referrals
00:10:34 00:10:38 I don't use this too much I mean
00:10:36 00:10:40 referrals can be cool because it shows
00:10:38 00:10:42 you like the top referring sites you see
00:10:40 00:10:44 the arrow in it shows you the sites that
00:10:42 00:10:46 are referring people in to inspire
00:10:44 00:10:49 uplift so you could look at these sites
00:10:46 00:10:51 if you know if you wanted to open them
00:10:49 00:10:53 like it will open this up in a new tab
00:10:51 00:10:56 seller pulse you know it seems to be
00:10:53 00:10:58 getting quite a quite a few visits so
00:10:56 00:11:00 clearly but see this is skewed right
00:10:58 00:11:02 because I want to find winning products
00:11:00 00:11:05 so basically this is a
00:11:02 00:11:07 this is a scraping app that's that's
00:11:05 00:11:10 using inspire uplift as an example of
00:11:07 00:11:12 finding winning products so one thing
00:11:10 00:11:16 that you can see they're getting this is
00:11:12 00:11:19 that remember that symbol from here this
00:11:16 00:11:21 is their email provider klaviyo so we
00:11:19 00:11:25 can see that they are getting quite a
00:11:21 00:11:28 bit of traffic from from email right
00:11:25 00:11:31 anyway moving on the sources all right
00:11:28 00:11:33 this is good because it shows you in in
00:11:31 00:11:36 these categories where they're getting
00:11:33 00:11:37 their traffic from so a large portion of
00:11:36 00:11:39 that is coming from social they're
00:11:37 00:11:40 actually doing very well on direct
00:11:39 00:11:42 traffic almost a quarter of their
00:11:40 00:11:44 traffic is direct which means it's
00:11:42 00:11:46 coming directly from people searching in
00:11:44 00:11:47 Google or Yahoo or Bing or something
00:11:46 00:11:50 like that
00:11:47 00:11:52 I'm sorry no I'm sorry correction this
00:11:50 00:11:55 is search traffic this is the Rec
00:11:52 00:11:58 director Opik is people who are entering
00:11:55 00:11:59 their website indirectly like if I come
00:11:58 00:12:03 up here and I type in inspire uplift
00:11:59 00:12:04 calm and so I know the website so again
00:12:03 00:12:09 though this is really good because what
00:12:04 00:12:11 this means is this means that people are
00:12:09 00:12:13 there their brand is you know they have
00:12:11 00:12:15 a loyal following right they have a lot
00:12:13 00:12:17 of returning customers they have a lot
00:12:15 00:12:18 of people that are coming back to their
00:12:17 00:12:21 site to shop around because they're
00:12:18 00:12:25 coming back direct to their site right
00:12:21 00:12:27 and then display is display advertising
00:12:25 00:12:31 like advertising native ads across
00:12:27 00:12:34 different sites so you want to generally
00:12:31 00:12:38 see as an indicator that it's something
00:12:34 00:12:40 that you can that you can get value out
00:12:38 00:12:42 of what they're doing is if it's social
00:12:40 00:12:44 because if they're getting direct
00:12:42 00:12:45 traffic that doesn't really help you
00:12:44 00:12:48 much it's you're not going to be able to
00:12:45 00:12:50 emulate direct traffic search traffic
00:12:48 00:12:51 could even be hard display like but if
00:12:50 00:12:53 they're getting most of their traffic
00:12:51 00:12:55 from social that's good because that
00:12:53 00:12:57 lets you know you can run social traffic
00:12:55 00:12:58 too you can run ads like we're going to
00:12:57 00:13:01 tok about in this course too and and
00:12:58 00:13:04 you can try to emulate what they're
00:13:01 00:13:06 doing Geel is going to show you the top
00:13:04 00:13:08 countries where they're selling like
00:13:06 00:13:10 they're selling worldwide for sure but
00:13:08 00:13:12 you can see the majority of their
00:13:10 00:13:14 traffic is coming from the top five
00:13:12 00:13:15 these are generally considered the
00:13:14 00:13:18 top-tier countries for
00:13:15 00:13:20 for like marketplaces of people pie
00:13:18 00:13:25 search just gives you an idea of
00:13:20 00:13:28 keywords now what I will say is you can
00:13:25 00:13:32 get better sometimes better results from
00:13:28 00:13:34 what keywords are working on the actual
00:13:32 00:13:36 actual site itself here because it gives
00:13:34 00:13:39 you a little bit more of a breakdown but
00:13:36 00:13:41 again so here's an interesting thing to
00:13:39 00:13:43 point out right they are running
00:13:41 00:13:45 campaigns for their name so they know
00:13:43 00:13:46 people are sometimes searching their
00:13:45 00:13:49 name inspire uplift and so they're
00:13:46 00:13:51 running an actual ad to make sure when
00:13:49 00:13:57 people search that that they're coming
00:13:51 00:13:57 to their store coming back to here
00:13:58 00:14:04 wherever yeah okay social social brings
00:14:01 00:14:06 down where within that social remember
00:14:04 00:14:08 we saw here that they're getting a lot
00:14:06 00:14:09 of their traffic from social this is
00:14:08 00:14:12 interesting because it shows you YouTube
00:14:09 00:14:14 right now is is one of their main
00:14:12 00:14:15 traffic sources and then next is
00:14:14 00:14:18 Pinterest and Facebook I would have
00:14:15 00:14:20 expected Facebook to be much larger so
00:14:18 00:14:22 it's interesting to see that this is
00:14:20 00:14:24 where they're getting lesser traffic so
00:14:22 00:14:26 you know that if you really want to see
00:14:24 00:14:28 you know what they're doing here you're
00:14:26 00:14:30 looking at their top three sources
00:14:28 00:14:33 YouTube Pinterest and Facebook to kind
00:14:30 00:14:35 of go analyze where their social traffic
00:14:33 00:14:38 is coming from and what they're doing
00:14:35 00:14:39 ads top publishers so you can see
00:14:38 00:14:41 they're running a lot of ads on YouTube
00:14:39 00:14:44 and they're running ads on the Google
00:14:41 00:14:45 Display Network okay so this is really
00:14:44 00:14:48 good information right like this is
00:14:45 00:14:50 giving you direct insight into what
00:14:48 00:14:54 they're doing and then you can even see
00:14:50 00:14:57 some related so not all these will be
00:14:54 00:15:00 completely related but luke Raycom is a
00:14:57 00:15:02 good one next deal shop right so like if
00:15:00 00:15:04 I open up blue Krait calm I'm getting
00:15:02 00:15:07 another store that's similar to them
00:15:04 00:15:09 that I can that I can analyze I can come
00:15:07 00:15:11 here to similar web and I can see all
00:15:09 00:15:13 right they're getting 300,000 visits a
00:15:11 00:15:15 month these guys are are worth analyzing
00:15:13 00:15:18 and checking out what they're doing
00:15:15 00:15:19 they're getting ninety five percent of
00:15:18 00:15:21 the traffic from Facebook right so you
00:15:19 00:15:25 can see there's there's different stuff
00:15:21 00:15:28 that's going on in each one and that's
00:15:25 00:15:29 how similar web can give you really good
00:15:28 00:15:33 insights alright and again
00:15:29 00:15:35 it's basically the same thing here it's
00:15:33 00:15:43 just a different format of how they
00:15:35 00:15:44 break it down here okay now back to all
00:15:43 00:15:46 right the next one
00:15:44 00:15:49 what's Dorothy this is a really quick
00:15:46 00:15:51 one very obvious if you're ever just
00:15:49 00:15:53 curious about a theme you can look it up
00:15:51 00:15:55 on here now it won't always work if a
00:15:53 00:15:57 store has custom built theme and I'll
00:15:55 00:15:59 just tell you custom built theme but in
00:15:57 00:16:00 this case we can see the theme that
00:15:59 00:16:03 they're using kajabi so you could go and
00:16:00 00:16:05 look up Konami by just going to Google
00:16:03 00:16:07 and typing in Shopify Kazami theme and
00:16:05 00:16:10 you would be able to go get that same
00:16:07 00:16:12 theme if you wanted to and then the
00:16:10 00:16:16 final resource will tok about inspire
00:16:12 00:16:19 calm spot who is not always going to be
00:16:16 00:16:22 helpful because this is based off of
00:16:19 00:16:23 keywords right but it can it can give
00:16:22 00:16:26 you some good insight and it's worth
00:16:23 00:16:27 checking out because if your competitors
00:16:26 00:16:29 are using keywords it's gonna give you
00:16:27 00:16:31 good insight into what what they're
00:16:29 00:16:33 doing on Google right how they're
00:16:31 00:16:36 advertise it okay and this is just again
00:16:33 00:16:41 the free version you can get deeper into
00:16:36 00:16:42 paid version but so coming down the one
00:16:41 00:16:44 that I really like to look at is here
00:16:42 00:16:47 top keywords okay that's kind of what I
00:16:44 00:16:49 like spy food for the most because you
00:16:47 00:16:52 can just get insight into top keywords
00:16:49 00:16:54 and this is actually this is valuable
00:16:52 00:16:56 insight into how this store is
00:16:54 00:16:58 performing because these being their top
00:16:56 00:17:00 organic keywords are probably good
00:16:58 00:17:02 indicators that these are some of the
00:17:00 00:17:04 top selling products now that doesn't
00:17:02 00:17:07 mean that you are gonna be able to go
00:17:04 00:17:08 sell the same product but it means that
00:17:07 00:17:10 you could go and looking at these
00:17:08 00:17:12 products and how they have was set up on
00:17:10 00:17:14 their store to get a good indication of
00:17:12 00:17:16 okay what was a I was this a winning
00:17:14 00:17:18 campaign for them why did it do so well
00:17:16 00:17:20 how is their SEO set up that they were
00:17:18 00:17:22 able to get this organic traffic right
00:17:20 00:17:25 and then you can see the paid keywords
00:17:22 00:17:28 that they're bidding on right here these
00:17:25 00:17:29 numbers I think I mean you know I don't
00:17:28 00:17:31 know how accurate these numbers as it
00:17:29 00:17:32 says they're spending nine thousand
00:17:31 00:17:35 dollars a month right now on terms
00:17:32 00:17:38 snoring and if you go down even further
00:17:35 00:17:40 you can get an example of one of their
00:17:38 00:17:41 ads right so here's one where they're
00:17:40 00:17:44 advertising you can time
00:17:41 00:17:46 the word nose purifier right so those
00:17:44 00:17:48 are some some cool things that you can
00:17:46 00:17:50 look at and again you can get deeper
00:17:48 00:17:53 into this you can see all their ads with
00:17:50 00:17:57 like the paid version and and break it
00:17:53 00:17:59 down even further so Google is a massive
00:17:57 00:18:01 traffic source Facebook is a massive
00:17:59 00:18:03 traffic source like you want to be able
00:18:01 00:18:07 to gather as much data and intelligence
00:18:03 00:18:09 as you can on on your competitors ok now
00:18:07 00:18:11 moving into it a step further writing
00:18:09 00:18:14 and kind of looking at what does this
00:18:11 00:18:15 whole process look like alright when
00:18:14 00:18:17 you're analyzing your competition we
00:18:15 00:18:20 just toked about finding out their
00:18:17 00:18:22 traffic sources right you can look at
00:18:20 00:18:24 their social media pages if you scroll
00:18:22 00:18:27 to the they have right at the top
00:18:24 00:18:28 generally any now we saw they're getting
00:18:27 00:18:32 most of their traffic from YouTube right
00:18:28 00:18:33 YouTube Pinterest and Facebook so these
00:18:32 00:18:35 are probably the ones that we want to
00:18:33 00:18:36 look at as a start I mean it doesn't
00:18:35 00:18:38 hurt to look at all of them but
00:18:36 00:18:42 obviously we want to look at the top
00:18:38 00:18:45 ones okay so we can come to the YouTube
00:18:42 00:18:47 channel they there are obviously more
00:18:45 00:18:49 running ads here than I think focus on
00:18:47 00:18:52 and organic because they don't have that
00:18:49 00:18:54 many subscribers but again it's you
00:18:52 00:18:55 could come here and kind of check out
00:18:54 00:18:57 their videos and see how they're
00:18:55 00:18:59 advertising and what they're doing with
00:18:57 00:19:01 these videos Pinterest you can come to
00:18:59 00:19:03 the Pinterest board they are clearly
00:19:01 00:19:05 doing well on Pinterest with whatever
00:19:03 00:19:06 their picture strategy is I mean they're
00:19:05 00:19:09 getting 10 million plus views a month
00:19:06 00:19:11 that's that's really cool and so you can
00:19:09 00:19:15 see how are they breaking this down what
00:19:11 00:19:17 are they doing here same thing with
00:19:15 00:19:20 Facebook you can come to their Facebook
00:19:17 00:19:22 page and and see what they're doing in
00:19:20 00:19:25 terms of what kind of content they're
00:19:22 00:19:26 posting how they're interacting with
00:19:25 00:19:29 their audience and here's a cool thing
00:19:26 00:19:31 as well here is you can click on this
00:19:29 00:19:34 info and ads button now it looks like
00:19:31 00:19:36 they're not actually running any active
00:19:34 00:19:39 ads right now which is it which is
00:19:36 00:19:41 interesting but if they were running
00:19:39 00:19:44 active ads you would be able to see what
00:19:41 00:19:46 ads they're running right here so you
00:19:44 00:19:48 can come to your competitor and actually
00:19:46 00:19:51 take a look at their ads which is
00:19:48 00:19:54 somewhat newer to Facebook and actually
00:19:51 00:19:55 it's a powerful thing that you can use
00:19:54 00:19:57 if you're spying on your compare
00:19:55 00:20:02 we'll come look at what ads they're
00:19:57 00:20:04 running in any region of the world now
00:20:02 00:20:05 once you've gone through this process
00:20:04 00:20:07 okay
00:20:05 00:20:10 what we're working up to here is reverse
00:20:07 00:20:13 engineering alright so the idea of
00:20:10 00:20:17 reverse engineering is basically going
00:20:13 00:20:20 through their actual sales funnel right
00:20:17 00:20:25 from page to page from ad to page so
00:20:20 00:20:27 that you can figure out what is you know
00:20:25 00:20:29 so that you can figure out what is
00:20:27 00:20:32 working and like backwards track into
00:20:29 00:20:34 into breaking down each piece and
00:20:32 00:20:35 understanding why it works and how you
00:20:34 00:20:37 could do something similar or even how
00:20:35 00:20:37 you could do something better in your
00:20:37 00:20:40 own business
00:20:37 00:20:42 sign up to their email list because then
00:20:40 00:20:43 you'll get their emails and you'll see
00:20:42 00:20:45 how they're marketing through email and
00:20:43 00:20:47 then look for their advertisement
00:20:45 00:20:50 something once you start visiting their
00:20:47 00:20:52 store you're going to you're gonna see
00:20:50 00:20:55 that you'll get advertisements okay
00:20:52 00:20:57 because they'll be retargeting you so
00:20:55 00:21:01 here's the process of reverse
00:20:57 00:21:03 engineering alright it's the process of
00:21:01 00:21:06 going through and breaking it down piece
00:21:03 00:21:08 by piece right like your ads to the
00:21:06 00:21:11 actual product page to the car page to
00:21:08 00:21:12 the checkout page and then seeing what
00:21:11 00:21:17 does this all look like what what are
00:21:12 00:21:18 they doing you okay so we already toked
00:21:17 00:21:20 about this step one is you find somebody
00:21:18 00:21:21 that's doing well with their online
00:21:20 00:21:24 system we just toked about how to
00:21:21 00:21:25 identify your competitors are doing well
00:21:24 00:21:27 and then you're using market
00:21:25 00:21:29 intelligence to reverse-engineer their
00:21:27 00:21:31 system which basically just means you
00:21:29 00:21:33 are taking it step by step and studying
00:21:31 00:21:37 the process alright we toked about
00:21:33 00:21:39 using similar web to identify right like
00:21:37 00:21:42 going to Tesla and seeing okay this is a
00:21:39 00:21:45 fantastik site to analyze if I am in the
00:21:42 00:21:47 same industry comparing where the
00:21:45 00:21:51 majority of the traffic is coming from
00:21:47 00:21:54 and how their traffic sources work and
00:21:51 00:21:59 then the next step is actually going
00:21:54 00:22:01 through the sales process okay and not
00:21:59 00:22:06 just going through a half-assedly but
00:22:01 00:22:08 actually looking at each page and trying
00:22:06 00:22:10 to you know identify what
00:22:08 00:22:13 working for them okay so if I come to
00:22:10 00:22:15 inspire uplift for example right and I
00:22:13 00:22:21 click on say well let's say they're
00:22:15 00:22:25 selling oh I mean you could really start
00:22:21 00:22:27 anywhere but you could you could try to
00:22:25 00:22:29 find one of their products that they're
00:22:27 00:22:33 doing or you could just sell here now
00:22:29 00:22:35 I'm on my laptop right now so it's
00:22:33 00:22:37 important to remember that you want to
00:22:35 00:22:38 look at their store on mobile as well
00:22:37 00:22:41 because it's gonna look very different
00:22:38 00:22:43 on mobile as it does the laptop but I
00:22:41 00:22:45 can only show you laptop as I'm
00:22:43 00:22:47 recording this so anyway you want to
00:22:45 00:22:48 take note of how they have the product
00:22:47 00:22:50 page set up looking at their pictures
00:22:48 00:22:53 see how they have the customer reviews
00:22:50 00:22:56 in the top here how are they naming
00:22:53 00:22:58 their items okay they have the sale
00:22:56 00:23:01 price the free shipping in here that
00:22:58 00:23:02 says not sold and stores the way that
00:23:01 00:23:05 they're setting up their add to cart
00:23:02 00:23:09 with whatever trust badges they have
00:23:05 00:23:12 okay they're using this jiff of the item
00:23:09 00:23:13 in in motion here in the product
00:23:12 00:23:16 description how are they writing the
00:23:13 00:23:18 product descriptions okay they're using
00:23:16 00:23:19 reviews down here at the bottom related
00:23:18 00:23:22 items right like you're analyzing
00:23:19 00:23:23 everything on the product page because
00:23:22 00:23:27 you know that this is a store that's
00:23:23 00:23:31 doing well and and so that's one step of
00:23:27 00:23:35 the funnel next you would go add the
00:23:31 00:23:37 cart okay now we're looking at the cart
00:23:35 00:23:40 page and looking at what they're doing
00:23:37 00:23:43 here you notike they changed it to say
00:23:40 00:23:45 enter shipping address they have a trust
00:23:43 00:23:47 badge underneath here they have
00:23:45 00:23:49 frequently bought together and recently
00:23:47 00:23:51 viewed items at the bottom they have
00:23:49 00:23:55 free shipping highlighted here in the
00:23:51 00:23:57 subtotal okay so there they have certain
00:23:55 00:23:59 elements that they're using to try to
00:23:57 00:24:01 spice up the cart page and make it more
00:23:59 00:24:04 entiking to click through to the next
00:24:01 00:24:06 page okay because if you compare if you
00:24:04 00:24:08 compare this to other pages it's gonna
00:24:06 00:24:10 look different now this pops up and says
00:24:08 00:24:12 your cart has reserved for a certain
00:24:10 00:24:14 amount of time trying to create some
00:24:12 00:24:15 urgency they have to review is
00:24:14 00:24:19 highlighted here in the actual
00:24:15 00:24:21 description these are all details that
00:24:19 00:24:22 are important to note because they can
00:24:21 00:24:27 affect
00:24:22 00:24:29 conversions now you'll go through and
00:24:27 00:24:31 you'll click to the car page I'm not
00:24:29 00:24:33 saying you actually have to buy it but
00:24:31 00:24:36 again you're seeing how they're set up
00:24:33 00:24:38 okay they have their will go in the
00:24:36 00:24:40 secure checkout button up top and you
00:24:38 00:24:42 won't look at how you can set this up
00:24:40 00:24:44 later when we get to the Shopify store
00:24:42 00:24:46 section but I would actually at least go
00:24:44 00:24:50 through the process of putting in an
00:24:46 00:24:52 address putting in an address and
00:24:50 00:24:54 continuing the shipping method because
00:24:52 00:25:00 once you do this you're actually gonna
00:24:54 00:25:02 start getting there you you actually
00:25:00 00:25:05 start getting there abandoned cart
00:25:02 00:25:07 emails to write because here's what you
00:25:05 00:25:08 can do so you see their shipping method
00:25:07 00:25:10 right here right so now I see are a free
00:25:08 00:25:12 shipping estimated 7 to 10 business days
00:25:10 00:25:14 that's what they're not only does that
00:25:12 00:25:16 tell me their shipping method but it
00:25:14 00:25:18 tells me their general delivery time
00:25:16 00:25:22 right so they're generally delivery time
00:25:18 00:25:24 is 7 to 10 days so that's that's good
00:25:22 00:25:26 market intelligence on on how they're
00:25:24 00:25:32 operating their business okay and then
00:25:26 00:25:35 finally go to payment method ok I'm not
00:25:32 00:25:37 actually gonna pay but I'm this is as
00:25:35 00:25:41 far as I'm gonna take it right because
00:25:37 00:25:45 each one of these steps is a trigger in
00:25:41 00:25:46 their in their marketing campaign and if
00:25:45 00:25:49 you're new to this you'll understand
00:25:46 00:25:52 this a lot more later when we go through
00:25:49 00:25:54 this but basically now based on the
00:25:52 00:25:57 actions that I've taken when I leave
00:25:54 00:25:59 this site and I abandoned my cart that's
00:25:57 00:26:01 called an abandoned car now they're
00:25:59 00:26:03 gonna start showing me ads on Facebook
00:26:01 00:26:05 they're gonna start retargeting me and
00:26:03 00:26:07 trying to get me to come back to
00:26:05 00:26:10 purchase so I'm getting to see their
00:26:07 00:26:12 entire funnel I'm gonna get emails from
00:26:10 00:26:14 them saying hey come back to purchase
00:26:12 00:26:15 and in those emails so that will be
00:26:14 00:26:18 offers and I'll see what kind of offers
00:26:15 00:26:20 they're using and again all this stuff
00:26:18 00:26:22 is based on I knew that this store is
00:26:20 00:26:24 doing well right they have two million
00:26:22 00:26:26 visitors coming up I know that they've
00:26:24 00:26:28 probably figured out some things that I
00:26:26 00:26:30 haven't figured it out because must you
00:26:28 00:26:33 know my stores not getting two million
00:26:30 00:26:34 visitors a month then it's worth it to
00:26:33 00:26:36 go through their entire
00:26:34 00:26:38 processing gather as much information
00:26:36 00:26:40 and take notes on everything they're
00:26:38 00:26:42 doing all right so this is you know
00:26:40 00:26:44 requires some time and some effort and
00:26:42 00:26:47 some work but this is a really powerful
00:26:44 00:26:50 way that you can kind of catapult your
00:26:47 00:26:52 experience by seeing what's already
00:26:50 00:26:54 working for other people and and
00:26:52 00:26:57 modeling some of it I'm not saying
00:26:54 00:26:59 directly copy them but model it and you
00:26:57 00:27:01 know add your own personality to it add
00:26:59 00:27:04 your own branding to it and you're gonna
00:27:01 00:27:06 see how we develop this over time but at
00:27:04 00:27:09 this point we're just trying to gather
00:27:06 00:27:11 as much data as possible store that data
00:27:09 00:27:13 you know it that way you can go back and
00:27:11 00:27:16 reference it as you are setting up your
00:27:13 00:27:18 own store all right hope you enjoyed
00:27:16 00:27:20 this video and this is really powerful
00:27:18 00:27:22 stuff I think you probably got a lot of
00:27:20 00:27:25 value out of it for how you can do
00:27:22 00:27:29 competitive analysis of the marketplace
00:27:25 00:27:29 and I will see you in the next video

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